Press Release

Canada Deposit Insurance Corporation holds its Annual Public Meeting at the ZoomerShow in Toronto

Toronto, October 30, 2010—The Canada Deposit Insurance Corporation (CDIC) held its 2010 Annual Public Meeting today in connection with the ZoomerShow at the Direct Energy Centre in Toronto. CDIC holds the annual event in a different part of Canada each year. The meeting included presentations by CDIC’s Chair, Bryan P. Davies and its new President and CEO, Michèle Bourque.

“This meeting gives us the chance to hear from Canadians and to be open and accountable to the people we work for,” commented Mr. Davies following the meeting. “As we communicate the basics about CDIC deposit insurance we’re also making sure that if Canadians want more information, they know where to find it.”

“I enjoyed meeting with Canadians to present and discuss information about CDIC deposit insurance,” added new President and CEO, Michèle Bourque. “Informing the public about deposit insurance and its benefits and limitations is a critical component of CDIC’s public awareness strategy, and meetings such as these create the perfect opportunity.”

During the meeting, Mr. Davies and Ms. Bourque provided an overview of CDIC deposit insurance, and the role that CDIC plays in Canada’s financial safety net. Other representatives from the Board of Directors and the executive team were also on hand. Depositors can check to see if their savings are covered by CDIC by asking at their financial institution, and by visiting CDIC’s website at www.cdic.ca or calling 1-800-461-2342 (CDIC).

CDIC is a federal Crown corporation that provides deposit insurance against the loss of deposits with its member institutions in the event of their failure. Eligible deposits are automatically insured from $1 to $100,000 per person at each member institution. CDIC members include Canadian banks, loan companies and trust companies that take deposits, as well as retail associations governed by the Cooperative Credit Associations Act that take deposits. CDIC is entirely funded by premiums assessed on its member institutions and does not receive federal tax dollars. As at April 30, 2010, CDIC insured $602 billion in deposits at its member institutions.

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